Crapo Honored For Work On Fair Credit Act

Washington, DC â?? Idaho Senator Mike Crapo was presented the 2003 FACT Act Award today by the Financial Services Roundtable for his work in achieving passage of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). Crapo actively supported the bill as a member of the Senate Banking, Housing, and Urban Affairs committee, the committee with jurisdiction over the issue. â??The FACT Act strengthens our countryâ??s national credit reporting system and assists both consumers and financial institutions in the fight against identity theft,â?? Crapo said. â??This legislation maintains the national uniform credit reporting system that is so crucial to our economy. Transactions from getting a credit card to buying a home are affected by this legislation. Consumers are already benefiting from lower costs and increased protections as a result of this Act. I am pleased to have participated in this important endeavor." The FACT Act permanently extended the expiring provisions of the Fair and Accurate
Credit Reporting Act (FCRA), thereby strengthening consumersâ?? access to credit. The Act also creates new mechanisms to mitigate and eliminate fraud and identity theft. In addition, it provides consumers with a free credit report every year from each of the three national credit bureaus, ensures that consumers are notified if merchants are going to report negative information to the credit bureaus about them, and provides broad new medical privacy rights.The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.